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In undivided interest of property if all are on the note and 1 decides to stop paying their share of the note Can the others foreclose on that person and take their share away from them?


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2007-07-06 19:17:44
2007-07-06 19:17:44

The answer is most likely "no". The relationship which gives rise to the power to foreclose is between the lender or seller and the buyer or buyers, not between joint buyers. The relationship between buyers, or joint owners will determine among them how to enforce joint payment of the mortgage. Is there a contract between the buyers? Is it written or oral? If oral is there a documented practice between the buyers? How this is resolved will depend on what state the property is located in.

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It would be best but if one decides to build anyway and it is permenantly placed, the structure would fall under the interest that one has. ie if he owns 25% interest, that's all he owns of the structure and all he will get for it when/if sold. I don't think he can use the land as collatteral either. Not an attorney and not to be used as legal advice

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Everything. You must divulge all of your interest in anything you own and everything you owe. the court decides what can be done with it, if anything.

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One will refinance a mortgage for interest only if one decides it is the right time to do so. It is the loan taker who decides whether it is the right time or not.

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If you own the property, yes, otherwise whoever owns it decides. You cannot, however, park it on public property.

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I believe that it is the Federal reserve who decides on the interest policy, as well as the money supply


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